Tuesday, December 11, 2018
Market Watch for November 2018
December 5, 2018 -- Toronto Real Estate Board President Garry Bhaura announced the continuation of moderate price growth in November 2018 compared to November 2017. The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.7 per cent year-over-year. The average selling price was up by 3.5 per cent year-over-year to $788,345.
Greater Toronto Area REALTORS® reported 6,251 residential transactions through
TREB's MLS® System in November 2018. This result was down by 14.7 per cent
compared to November 2017, when we saw a temporary upward shift in demand as
the market was distorted by the looming OSFI-mandated stress test at the end of
last year.
"New listings were actually down more than sales on a
year-over-year basis in November. This suggests that, in many neighbourhoods,
competition between buyers may have increased. Relatively tight market
conditions over the past few months have provided the foundation for renewed
price growth," said Mr. Bhaura.
On a preliminary seasonally adjusted basis, sales were down by 3.4 per
cent compared to October 2018. The average selling price after preliminary
seasonal adjustment was down by 0.8 per cent compared to October 2018.
"Home types with lower average price points have been associated
with stronger rates of price growth over the past few months. Given the impact
of the OSFI-mandated mortgage stress test and higher borrowing costs on
affordability, it makes sense that the condo apartment and semi-detached market
segments experienced relatively stronger rates of price growth in November, as
market conditions in these segments remained tight or tightened respectively
over the past year," said Jason Mercer, TREB's Director of Market
Analysis.
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